The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.

  Bloomberg The US trade deficit widened to a four-month high in October as overseas sales weakened and American companies imported more equipment and consumer goods. The gap grew to $42.6 billion from the prior month’s revised $36.2 billion, Commerce Department figures showed on Tuesday. The 17.8 percent increase from September was the largest since March 2015. The Bloomberg survey ...

  Copenhagen / AFP Danish toy maker Lego announced a management shake-up to develop the brand beyond its iconic plastic bricks under the leadership of its veteran chief who brought the company back from the brink of bankruptcy. Chief executive Jorgen Vig Knudstorp took over Lego when it was on verge of collapse in 2004 and transformed it into one ...

  Bloomberg Verizon Communications Inc. agreed to sell its data-centers business to Equinix Inc. for $3.6 billion in cash as the company turns its focus to mobile video advertising. The deal includes 24 facilities across 15 metropolitan markets, according to a statement on Tuesday. Equinix, based in Redwood City, California, operates as a real estate investment trust, mostly holding interconnected ...

  Bloomberg Opposition from South Africa’s state power utility Eskom Holdings SOC Ltd. and government infighting threatens to sabotage the world’s fastest-growing green energy program. Eskom is stalling on signing government-brokered deals to buy renewable energy from private producers, encouraged to develop capacity after outages over the past eight years hobbled Africa’s most industrialized nation. With the economy in the ...

Bloomberg Egypt’s net foreign reserves rose to the highest level in more than five years in November, as the country started receiving money from the International Monetary Fund and global lenders. Reserves reached $23.1 billion, up from $19 billion in October, according to data posted on the central bank’s website. Egypt got the first $2.75 billion installment of a $12 ...

Reuters GFH Financial Group hopes to largely complete the acquisition of Bahrain’s Bank Al Khair in the first quarter of next year and is at an advanced stage of exploring a merger with another Bahraini bank, its chief executive said on Tuesday. “The recent merger we announced was Bank Al Khair – we hope during the first quarter of 2017 ...

  Reuters Oman’s Finance Ministry is looking at cutting expenditure again in the state budget for next year to reduce a deficit caused by low oil prices, sources briefed on the ministry’s thinking told Reuters on Tuesday. A draft budget for 2017 foresees a 5 percent cut in spending from this year’s budget, and no increase in revenues, the sources ...

  Bloomberg Oil retreated from the highest close in 16 months as OPEC pumped a record amount of crude in November, partly led by members exempt from cutting output as part of last week’s deal to curb supply. Futures slid as much as 1.7 percent in New York after advancing 15 percent over the previous four sessions. The Organization of ...

  Bloomberg OPEC’s mission to implement last week’s historic deal to curb production for the first time in eight years just got a little bit harder after three of its African members increased output in November. Crude production from the Organization of Petroleum Exporting Countries rose to a record 34.16 million barrels a day in November with gains led by ...

  Seoul / AFP South Korea’s most powerful tycoons, including de facto Samsung chief Lee Jae-Yong, stammered and squirmed on Tuesday under a verbal assault from a parliamentary committee probing a corruption scandal that has riveted the nation. Millions watched in astonishment as the televised hearing showed the heads of the country’s eight largest conglomerates being publicly chastised over donations ...